See original post for anticipatory analysis. Bear season extended until 2022.
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Contracting diagonal has evolved. Meaning the next leg down will be the longest within this bearish sequence.The rebound there after will only suck on more naive traders.
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Build Back Better, Buy Back Cheaper. Word to Craig Wright.Note
a break above the red box and price could skate a bit higher -- Note
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#fakeoutbreakoutNote
should Dikembe reign truu at the red box, we will drop MINIMALLy $1970 (orange line).Note
Extended diagonal pattern believed to be complete however the upside retracement has come back stronger than expected. Bears can retain momentum with a drop in price below the 0.786 fib level -- a good start would be bringing price below the 0.89 fib level firstly.still heavily bearish imo
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diagonal formation becomes invalidated with a break above $48370 -- Note
Diagonal wave invalidated. Double zig zag wave produced.. Downside yet imminent.Note
E Wave should remain below C wave in this case -- Note
For the slightest bullish consideration, price needs to reach $49533.Note
#FakeoutBreakoutNote
Let’s goooooooNote
womp womp ---- a very messy sideways triangle still seems to be largely in play. reanalyzing the ultra choppy section in Wave B (white wave), its very possible that this was a triple zig zag wave (rarely seen). if one were to misread this play and mislabel the waves (as I previously have), it could put the micro wave count into jeopardy. being able to adjust is the true test. With new labeling for waves B-E, expecting more sideways action for the next few days up to a week. This is still bear mode imo.
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Going sideways to end out the year. Stay away from longs.
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Disclaimer
The information and publications are not meant to be, and do not constitute, financial, investment, trading, or other types of advice or recommendations supplied or endorsed by TradingView. Read more in the Terms of Use.